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European shares little changed, London closed

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U.S. stock futures dip, oil prices fall

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Taiwan dollar surges

(Updates throughout)

By Dhara Ranasinghe

LONDON, May 5 (Reuters) - Oil prices fell on Monday

after oil-producing group OPEC+ agreed to accelerate oil

production increases, while Taiwan's dollar surged to almost

three-year highs at the start of a central bank-packed week for

world markets.

World stocks most flat-lined, with European shares holding

just below Friday's one-month peaks while U.S. equity

futures dipped . Overall trading was subdued by

public holidays in Japan, China and Britain.

Brent crude and U.S. West Texas crude futures fell more than

1% after a weekend decision by OPEC to further

speed up oil output hikes fanned concern about more supply

coming into a market clouded by an uncertain demand outlook.

Meetings of the U.S. Federal Reserve and Bank of England,

among others in big and developing markets, this week were in

focus as markets wait to see how major central banks assess the

outlook for growth and inflation following heightened

uncertainty unleashed by U.S. tariff policy.

President Donald Trump said on Sunday the United States was

meeting with many countries, including China, on trade deals,

and his main priority with China was to secure a fair deal.

Optimism around a potential de-escalation of trade tensions

between the U.S. and China has boosted markets in recent days,

with European shares trading just below levels seen before

Trump's April 2 major tariff announcement roiled markets.

"Given the strength of the recovery there is downside risk

to markets if positive expectations on trade agreements are not

realised," said Nordea's chief market strategist Jan von Gerich.

Europe's broad STOXX 600 index is up 15% from lows hit last

month, while the S&P 500 stock index has rebounded around

17% from more than one-year lows hit last month.

U.S. movie and television production companies that film

overseas fell in premarket trading after Trump on Sunday

announced a 100% tariff on movies produced outside the U.S. but

offered little clarity on how the levies would be implemented.

Netflix ( NFLX ) slipped over 3%, while Walt Disney ( DIS )

and Warner Bros. Discovery ( WBD ) fell 1.5% and 2.7%,

respectively.

Class B shares of Warren Buffett's Berkshire Hathaway

also fell after the investor said at the weekend he

will step down as CEO of the conglomerate.

TAIWAN DOLLAR SURGE

In currency markets, it was the Taiwan dollar that hogged

the spotlight after a second straight session of sharp gains

against the U.S. currency.

The Taiwan dollar rallied around 3% to as high as 29.59 per

U.S. dollar. It was last trading at 30.14.

Its almost 6% surge over the past two trading sessions has

stoked speculation of a revaluation of Asian currencies to win

U.S. trade concessions and underscores a broader re-rating of

the region's economic prospects.

"The Taiwan dollar is appreciating at a faster pace than

I've ever seen," said one senior Taiwanese financial industry

executive, speaking to Reuters on condition of anonymity as they

were not authorized to speak to the media.

"Hot money is coming into Taiwan, and the central bank is

allowing it," they added.

In London trade, subdued by a UK national holiday, the euro

firmed 0.3% to $1.1336, while the dollar slipped 0.7%

to 143.93 yen.

Australia's dollar rallied to a five-month peak at around

$0.6494, showing little reaction to Saturday's Australian

election win for the centre-left Labor Party.

Market focus turned to this week's meeting of the Federal

Reserve, which is expected to keep rates steady.

Trump said on Sunday he would not remove Jerome Powell as

Federal Reserve Chair before his term ends in May 2026 while

describing the central banker as "a total stiff" and repeating

calls for the Fed to lower interest rates.

"The main event is the Fed and what is happening in politics

has not been forgotten," said Nordea's von Gerich.

Elsewhere in Europe, there was some focus on Romania where

hard-right eurosceptic George Simion won the first round of

Romania's presidential election rerun on Sunday.

A Simion victory could isolate Romania, erode private

investment and destabilise NATO's eastern flank, where Ukraine

is fighting a three-year-old Russian invasion, political

observers say.